Union Finance Minister Nirmala Sitharaman. File
| Photo Credit: ANI
Finance Minister Nirmala Sitharaman on May 27 mentioned the Modi Government has reshaped the Union finances in the last 10 years from a mere file of expenditures to a strategic blueprint for equitable distribution.
The Minister asserted that the federal government would proceed to maximise the worth of taxpayers’ cash by placing it to the very best use.
She mentioned the Modi Government has prioritised transparency in its budgeting practices and numbers. Countries with clear budgets are sometimes seen extra favourably by worldwide our bodies such because the IMF and World Bank. This can result in improved international belief.
“This starkly contrasts the @INCIndia-led UPA government’s repetitive practice of hiding the deficits through off-budget borrowings and issuance of ‘Oil Bonds’, which somewhat covertly shifted the fiscal burden to future generations. Under UPA, standard fiscal practices were routinely changed to make Budget numbers look favourable,” Ms. Sitharaman mentioned in a collection of posts on X.
She mentioned the last decade has witnessed a considerable enchancment in the sanctity and credibility of the Union Budget, leaving previous constraints and archaic practices behind.
“Our government has reshaped the budget from a mere record of expenditures into a strategic blueprint for equitable development. We make judicious & efficient use of every rupee collected from our taxpayers and give them a transparent picture of public finances,” Ms. Sitharaman mentioned.
Further, she mentioned the Union Budgets underneath the Modi Government are characterised by fiscal prudence, transparency, and inclusiveness, guaranteeing investments in social growth and infrastructure.
Ms. Sitharaman mentioned the Union Government administers 108 Centrally Sponsored Schemes (CSS) by means of State and UT Governments, with a finances of roughly ₹5.01 lakh crore for FY 2024-25 and ₹4.76 lakh crore for FY 2023-24.
“Previously, it was challenging to ascertain the timeliness and amount of funds released to the implementing agencies under a CSS and to determine whether the funds were from the Centre or the State. Under the SNA model, each State has to identify and designate a Single Nodal Agency (SNA) for every Centrally Sponsored Scheme (CSS),” the Minister mentioned.
She mentioned efficient implementation of the SNA mannequin has caused larger effectivity in CSS fund utilisation, monitoring of funds, and pragmatic and just-in-time launch of funds to the states, finally contributing to raised money administration and financial savings for the federal government.
The unspent steadiness parked in greater than 15 lakh financial institution accounts of implementing companies was consolidated into 4,500 financial institution accounts of SNAs. The SNA System additionally considerably decreased the potential for fund diversion by the State or Implementing Agencies earmarked for a selected CSS, she mentioned.
The Modi Government, the Minister mentioned, is dedicated to harnessing cutting-edge expertise, enhancing transparency, and pursuing ongoing reforms to put a robust basis for a Viksit Bharat.
“We will continue to maximise the value and impact of hard-earned taxpayer money, ensuring it is put to the best possible use for the benefit of all,” she mentioned.
